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US oil giant Chevron confirms it will expand operations in Venezuela

PUBLISHED Sep 2, 2026, 12:45 PM ET

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US oil giant Chevron confirms it will expand operations in Venezuela

Chevron said Wednesday it will invest more than $7 billion in Venezuela over five years, expanding its joint ventures and targeting production of about 600,000 barrels per day by 2031. The Houston-based oil major said Venezuela assigned additional acreage in the Orinoco Belt to Petroindependencia, where Chevron holds a 49% interest. The new areas are Carabobo 1 and Carabobo-2-South-A. Chevron said updated fiscal, commercial and legal terms support the investment, while production costs are expected to remain below $20 per barrel. The announcement follows the Trump administration’s effort to revive Venezuela’s oil industry after years of underinvestment and declining output. Chevron’s move is separate from a U.S. government-backed agreement involving North American Blue Energy Partners. Reuters reported the Chevron negotiations were conducted separately. Energy experts caution that Venezuela’s damaged infrastructure could delay production growth. The expansion could eventually add heavy crude supplies, but is unlikely to reduce U.S. gasoline prices.

By Michael Grant | JQJO News

Timeline of Events

January 3, 2026 — On January 3, 2026, U.S. forces captured Maduro in Caracas.
April 2026 — On April 2026, Chevron increased Petroindependencia interest to 49 percent.
August 28, 2026 — On August 28, 2026, Trump announced the Venezuela oil agreement.
September 1, 2026 — On September 1, 2026, National Assembly approved the oil agreement.
September 2, 2026 — On September 2, 2026, Chevron announced acreage and investment plans.
September 2, 2026 — On September 2, 2026, Chevron targeted approximately 600,000 barrels daily.
September 2, 2026 — On September 2, 2026, Chevron said costs remain below $20.
Coming months — Over coming months, Chevron will advance development planning and investment.
Coming years — Over coming years, additional acreage could increase Venezuelan crude production.
By 2031 — By 2031, Chevron expects Venezuela production near 600,000 barrels daily.
Long term — Over several years, U.S. refiners could receive additional heavy crude.

News Intelligence

Immediate US impact: U.S. consumers see little immediate gasoline-price relief from Venezuelan expansion.
Possible long-term US impact: Long-term Venezuelan supply could diversify crude sources for U.S. refiners.
Most affected groups: Gulf Coast refiners, Chevron, workers, consumers, and policymakers face changes.
Reader priority: Prioritize primary documents, Reuters, AP, and independently sourced production data.

Explain Framing

Left: Left coverage emphasizes sanctions, legality, risks, and Venezuelan sovereignty concerns. Center: Center coverage emphasizes investment, production targets, legal terms, and uncertainty. Right: Right coverage emphasizes energy security, investment, production growth, and leverage.